Law & Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around the World

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Overview

Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to the legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines contemporary corporate governance crises in six countries.

Using comparative case studies that address the United States, China, Germany, Japan, Korea, and ...

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Law & Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around the World

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More About This Book

Overview

Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to the legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines contemporary corporate governance crises in six countries.

Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world.

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Editorial Reviews

Political Science Quarterly
A well-written and fascinating book on how legal systems vary across capitalist regimes. The authors . . . are two legal scholars who use corporate governance as the lens through which to observe the complex web of institutional dynamics that are woven together by law, economics, finance, firms, labor, and governments. . . . We would highly recommend this book to students of corporate governance, law, economics, and finance. It is a pleasure to read, because it combines a sophisticated and comprehensive conceptual model with very interesting and intricate case studies.

— R.V. Aguilera and A.K. Vadera

Harvard Law Review
The title of Law & Capitalism, a remarkable new book . . . might seem to suggest that Millhaupt and Pistor are adding their voices to the choir. If this is what one were expecting, however, that expectation would quickly be dashed. Nearly every page of Law & Capitalism stands in implicit or explicit dissent from the prevailing view.

— David A. Skeel, Jr.

Simon Deakin

“Original, important, and topical. Milhaupt and Pistor are drawing on their very considerable expertise by bringing together a wide range of different country contexts. Few others could cover America, Russia, western Europe and east Asia as they do here.  They also make an important theoretical contribution to the debate over different national types of capitalism.”

Robert Cooter

“Two of the world’s best scholars in law and economic development have teamed up to explain how different governments try to promote economic growth. They focus on coordinating and protecting investors through corporate and securities laws and policies. The ‘institutional autopsies’—case studies of firm-level scandals around the world like Enron—engage the reader and draw the general out of the particular. You enjoy this book as you learn from it.”

John Armour

“This pathbreaking book takes seriously the need to understand the relationship between law and the economy as a dynamic process. In so doing, the authors articulate a rich and multifaceted account that is at once innovative and deeply grounded in their extraordinary wealth of insights into world legal systems. It will be required reading for anyone engaged in serious study of corporate and comparative law.”

Harvard Law Review - David A. Skeel

"The title of Law & Capitalism, a remarkable new book . . . might seem to suggest that Millhaupt and Pistor are adding their voices to the choir. If this is what one were expecting, however, that expectation would quickly be dashed. Nearly every page of Law & Capitalism stands in implicit or explicit dissent from the prevailing view."

Political Science Quarterly - R.V. Aguilera and A.K. Vadera

"A well-written and fascinating book on how legal systems vary across capitalist regimes. The authors . . . are two legal scholars who use corporate governance as the lens through which to observe the complex web of institutional dynamics that are woven together by law, economics, finance, firms, labor, and governments. . . . We would highly recommend this book to students of corporate governance, law, economics, and finance. It is a pleasure to read, because it combines a sophisticated and comprehensive conceptual model with very interesting and intricate case studies."

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Product Details

  • ISBN-13: 9780226525280
  • Publisher: University of Chicago Press
  • Publication date: 4/15/2010
  • Edition description: Reprint
  • Pages: 269
  • Sales rank: 1,309,059
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.80 (d)

Meet the Author

Curtis J. Milhaupt is the Fuyo Professor of Law and director of the Center for Japanese Legal Studies at Columbia Law School. He is the author of Global Markets, Domestic Institutions.
 
Katharina Pistor is professor of law at Columbia Law School.   
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Table of Contents

Preface  
Introduction  

Part I: From Weber to the World Bank, and Beyond  
One: The Prevailing View: Impact, Assumptions, and Problems  
Two: Rethinking the Relation between Legal and Economic Development  

Part II: Institutional Autopsies  
Three: The Enron Scandal: Legal Reform and Investor Protection in the United States  
Four: The Mannesmann Executive Compensation Trial in Germany  
Five: The Livedoor Bid and Hostile Takeovers in Japan: Postwar Law and Capitalism at the Crossroads  
Six: Law, Growth, and Reform in Korea: The SK Episode  
Seven: The China Aviation Oil Episode: Law and Development in China and Singapore  
Eight: “Renationalizing” Yukos: Law and Control over Natural Resources in the Russian Economy  

Part III: Implications and Extensions Nine: Understanding Legal Systems  
Ten: Legal Change  
Eleven: Conclusion  

Notes  
References

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